Pakistan On The Economic Brink?

The Express Tribune is reporting:

Prime Minister Mir Hazar Khan Khoso has been informed that Pakistan State Oil (PSO)’s creditworthiness has been questioned in the global financial market, and that at least one leading international bank has expressed serious concern over a default on Letters of Credit (L/Cs) issued by the oil marketing giant. It is feared that PSO’s inability to pay its dues may have serious implications on the creditworthiness of the country.

Translation: The Pakistan State Oil company is so large and so intertwined with the Pakistan economy that if the oil company fails, the country of Pakistan itself could "fail." There are now indications that PSO could fail.

PSO is, in "our" terms, too big to fail. Except when it isn't.